Red Rag - Now here is something you may thought you would never see on these pages. May I congratulate Gideon on his Pay Day Loan Cap announced today. There I have said it. As ever, the devil will be in the detail, and I am sure Gideon wont be too harsh on the people who are funding his party.
Only a few months ago someone called Gideon stated that Labours interference in the private energy market was a form of Marxism. Since then his party has decided that this is also the way forward for them.And as with their about face on the energy market, which was rushed out in a response to a popular Labour policy, the same has happened today. No papers were pre-briefed, and even their own MP's were as surprised as everyone else when it was announced. However, how this will go down with the people who are pumping hundreds of thousands into his party and own Pay Day Loan firms is unknown.
It has not gone down well with the Tory party faithful on Con Home, they are not happy.
"For a start, its launch does not have the hallmarks of a long-planned policy. Announcing something on the morning airwaves but not pre-briefing the newspapers suggest a rather short notice decision."
"The Financial Conduct Authority says it was given no prior warning, which adds weight to the impression this is a bit of a snap call.....What is the point of the much-heralded “independent regulator” system if this becomes common practice? There is now a risk that other regulators will clamp down on practices just in case the Treasury thinks they ought to, rather than on the basis of their honest assessment of the facts."
"That is the real risk involved in this step: the weakening of the argument against Labour’s proposal to intervene in every market imaginable.Deliberately opening such a chink in our own armour, when Labour intend to make cost of living a battleground for the election, is a problem"
On the 22nd May 2012 the Tory Party voted down an attempt by Labour to cap pay day loans in Parliament.
Yet again the Tory coalition is dancing to Ed Milibands tune on policy.
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